Sun, May 20, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Pacific Investments sells Thames River Capital to F&C but retains its holding in Nevsky Capital

Wednesday, April 28, 2010
Opalesque Industry Update - Pacific Investments PLC (Pacific) and its affiliated company Red River Capital today announce the conditional sale of Thames River Capital (TRC) to F&C Asset Management for a cash consideration of up to £53.6 million (US$81.5m).

Pacific founded TRC with its management team in 1998 and the company has since grown to become one of Europe’s leading multi-strategy asset management businesses.

Excluded from the sale is Nevsky Capital, which is currently an affiliate of TRC. Prior to completion of the sale, TRC’s interest in Nevsky Capital LLP will be demerged and will, thereafter, be directly held by Pacific and the other current TRC shareholders. Nevsky has approximately US$6 billion in assets under management in both long only and long-short strategies. The support services currently provided by TRC to Nevsky will continue unchanged and be unaffected by this transaction.

Sir John Beckwith, Chairman of Pacific Investments, said: "This has been a rewarding investment with the development of two highly regarded asset management businesses, Thames River Capital and Nevsky Capital. F&C will be a good partner for Thames River."

The income generated by both TRC and Nevsky, together with the sale of TRC to F&C has produced a 72% IRR to Pacific over the 12 year period, excluding the remaining value of Nevsky Capital.

Pacific will continue to develop its existing portfolio of fund management businesses, including River and Mercantile Asset Management, the UK and Global equities fund manager, which has grown to manage assets in excess of £1.2 billion since inception in 2007; Pacific Real Estate Capital Partners which was launched in 2009, as a global real estate investment vehicle; and its new wealth management business.


Pacific Investments was established by Sir John Beckwith and Mark Johnson in 1993 following the sale of London & Edinburgh Trust PLC for £510 million by Sir John and his brother Peter. Pacific has founded and financed a number of highly successful fund management businesses including Thames River Capital, River and Mercantile Asset Management, Liontrust Asset Management, Europa Capital Partners, Pacific Real Estate Capital Partners, Alpha Real Capital and Portfolio Holdings which together manage over US$20 billion of assets on behalf of institutional, high net worth and retail investors.

Thames River Capital , based in London, was formed in 1998 by a group of senior investment professionals with a common goal: the creation of a performance focused, absolute return orientated, integrated fund management business. The company offers both traditional and alternative strategy investment management for sophisticated and professional investors, through a number of single and multi-manager funds. TRC and its affiliates employ 168 staff and have US$13.6 billion under management.


Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. News Briefs - Warren Buffett: Target date funds aren't the way to go, Cambridge Analytica could be reborn under a different name[more]

    Warren Buffett: Target date funds aren't the way to go Planning for retirement can be complicated and stressful. This is why target date funds - funds that are managed based on when you expect to retire - are so attractive. Over time, the balance of stocks, bonds and cash evolve automati

  2. Investing - Hedge funds hike Smurfit Kappa positions amid takeover deal hopes, Hedge fund IBV Capital digs deep to unlock long-term value in a competitive market, Eisman of 'The Big Short' fame recommends shorting Deutsche Bank[more]

    Hedge funds hike Smurfit Kappa positions amid takeover deal hopes From Irishtimes.com: Two US hedge funds, Davidson Kempner and York Capital, have accumulated a combined 4.74 per cent interest in cardboard box maker Smurfit Kappa using financial derivatives. It comes as many investors cl

  3. Foundations of hedge fund managers gave big to controversial donor-advised funds[more]

    In the world of philanthropy and tax-deductible charitable giving, the explosion of donor-advised funds has touched off intense debate. Now, there is evidence that the DAF boom is being further fuelled by hedge fund foundation money. Four of the top five foundations that gave the most to large do

  4. Study: For hedge funds, smaller is better[more]

    From Institutionalinvestor.com: The smaller the hedge fund is, the better its performance is likely to be, according to a new study. The study - "Size, Age, and the Performance Life Cycle of Hedge Funds," released April 26 - sought to determine whether a hedge fund's size and age had any effect on i

  5. Hedge fund returns rose in April for first gain since January[more]

    From Bloomberg.com: Bloomberg Hedge Fund Database shows returns flat this year - Currency strategies had the biggest monthly gain at 13% Hedge fund returns increased 0.78 percent in April, reversing two consecutive monthly declines. The swing of 134 basis points was driven by gains in all seven